Your Money Matters: Financial wellbeing is closely linked to our mental wellbeing

Studies on the topic vary, but most show that a significant majority of individuals and households are experiencing some level of financial anxiety. It is not something that is confined to any particular age group, income bracket, job description or societal background.

Financial anxiety can affect us all, at any time of our lives, is closely linked to our mental wellbeing and can easily affect other areas of our life too.

Norfolk-based money coach Kim Uzzell of mymoneymovement.co.uk (Image: @Valentinestudio)

When we are worried about money we are likely to lose focus at work - 70pc of employees under the age of 55 report having financial worries that they take to work, putting extra pressure on us to perform.

We may be suffering from a lack of sleep with money worries invading our thoughts so we just can’t switch off.

Talking about finances is difficult for many as we still see money as a taboo topic. We often hide away from it, resulting in more arguments than conversations, potentially leading to difficulties in relationships.

When suffering from financial anxiety, we often cut ourselves off from friends and family. Whether it is because we feel ashamed or fearful that we will be judged in some way, or because we feel that we shouldn’t be spending our money on such frivolities during this time.

All of these things can impact our general mental wellbeing further - putting more stress into an already stressful time.

So it is important to be able to recognise some of these signs and symptoms of financial stress and anxiety - not just in yourself, but in those around you. If you are not finding things tough yourself, the statistics will suggest that someone close to you is. A neighbour, a family member, a friend or a colleague, for example.

Being able to recognise and support others will provide them with more in the way of positive mental wellbeing support than just helping them talk about money.

So how can we help, both ourselves and others. Firstly, be aware of the signs. A lack of sleep, a short temper, making excuses not to go out, or a lack of focus at work, for example.

Ask ourselves how we are feeling, and give ourselves an honest answer. Are we a little concerned or are we really fearful about what is going on?

Create some space - take yourself away from your desk, or the confinements of home and go for a walk, or sit out in the garden with a cup of tea and let your mind clear a bit. Breathing deeply is simple but incredibly useful in reducing anxiety.

Once we are calmer, we can then take appropriate action and seek support. A conversation with a partner or employer, looking at your finances with fresh eyes and prioritising the bills differently, even just turning off the news channels for a few days, can all help.

And there is professional support out there - you are not alone. Mental Wellbeing charities such as Mind and Calm will all be able to help, and if you have any sort of employee wellbeing assistance programme at work, now could be the time to call up the link and find out more.

Let’s break the stigma and talk about money more.

For more advice, see mind.org.uk, thecalmzone.net or Samaritans.org.

For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.

The EDP has launched the Your Money Matters campaign (Image: Archant)

YOUR MONEY MATTERS

If you are looking for financial help and advice, here are some of the resources you can turn to locally.

Norfolk Citizens Advice
Offers free, confidential and impartial advice on debt, benefits and money issues.
0800 1448 848
ncab.org.uk

Money Support Service
Norfolk County Council service for those needing help with budgeting.
01603 223392 (option 4)
norfolk.gov.uk

Community Action Norfolk
Charity offering help including warm homes and collective oil buying scheme.
01362 698216
communityactionnorfolk.org.uk

Norfolk Community Foundation
Charity that runs schemes including nourishing Norfolk and community shops.
01603 623958
norfolkfoundation.com

Norfolk Assistance Scheme (NAS)
Helps people who are in financial hardship and cannot pay their living costs.
0344 8008020
norfolk.gov.uk

The Trussell Trust
Free 'Help through Hardship' helpline and foodbank search tool.
0808 208 2138
trusselltrust.org